Micro Finance Scheme Has Reduced Unemployment

Contrary to the perception some persons have about the emergence of multiples of micro finance companies ,the operation manager of the Mighty Finance Services, Mr. Twum Barima Kaakyire , has said that the scheme has helped to reduced unemployment, among scores of university graduates.

The Mighty Finance Services, which according to him, started operations about two year ago, has as at now 12 branches around the country, with a staff strength of about 900 and that of customers stands at 5,000 .

He believed that if all micro finance schemes, were to work stringently in accordance to the requirements of the Bank of Ghana (BoG), the soaring rate of unemployment among Ghanaian youth would be reduced.

He said, through prudent management they were able to grant loans to the tune of over eleven billion old cedis to 894 customers for the past two years.

“ Micro finance scheme to me in particular ,has helped to reduced unemployment in Ghana. The only fact is that there are a number of such schemes, which are not doing genuine business, hence many persons are always at sea as whether to save with them” he noted.

Mr. Barima Baakyire, who made the assertion during a durbar at Trede the head of the financial institution to sensitize its customers on some critical challenges it has been facing as most of them (customers) wanted to undertake panic withdrawal .

The customers decided to withdraw huge sums of their savings, based on speculations that the financial service was on the verge of collapsing.

Mr. Barima Kaakyire blamed the problems they encountered on power failure which has resulted in malfunctioning of the net work system .
He assured them that things would be put in good order to give the customers the best of service.

He was not happy about how some customers, who had benefited from loans were rather reluctant to pay them back and warned that very soon the management would chase those loan defaulters with the police.